SA stocks advance as Trump health lifts risk appetite

South Africa’s main stock index rises 0.3% in early Johannesburg trading, as index giant Richemont advances, and as MultiChoice Group soars.

MultiChoice gains as much as 9.2%, the biggest intraday jump since June 10, after the company announced that France’s Groupe Canal+ SA had acquired a 6.5% stake. Monday’s increase extends MultiChoice’s winning streak to nine days, the longest on record.

South Africa joins markets in Europe and Asia in rising Monday as traders react to the possibility of President Donald Trump being able to leave hospital as soon as Monday after treatment for Covid-19. But Trump’s condition remains clouded by confusion, with the president’s effort to show strength contradicted by conflicting accounts from his doctors.

Richemont jumps 3.5%, providing the biggest boost to the index. UBS raised its price target on the stock on Friday.

MTN rises for a second day, up 2.8%, while British American Tobacco adds 1.3%.

Food & drug retailers gain 1.2%, led by Bid Corp.

Bid Corp +2.4%, Shoprite Holdings +0.6%, Clicks +0.5%, Spar Group +0.5%, Dis-Chem Pharmacies +0.2%.

Index for bank stocks up 0.4%.

Absa Group +1%, Standard Bank +0.4%, Investec +1.5%, Nedbank +0.7%.

Gold and platinum stocks drag gauge for miners down 0.6%.

Sub-index for gold companies falls 2.2%.

Gold Fields -2.1%, AngloGold Ashanti -1.8%, Harmony Gold Mining -2.6%, DRDGold -1.7%.

Sub-index for platinum companies down 0.5%.

Sibanye Stillwater -2%, Northam Platinum -0.7%.

Diversified miners BHP Group +0.3%, Anglo American +0.3%, Glencore +0.5%.

Foreigners were net sellers of South African stocks on Friday, disposing of R183 million worth of shares, according to exchange operator JSE Ltd.